The incentive to buy a property at a lower-than-market price makes purchasing a foreclosure highly attractive. But, whether you’re an experienced flipper or a first-time buyer, investing in a foreclosed home can be fairly risky and full of unknowns. Fortunately, with the right game plan and support from the right professionals—including the best locksmith in your area—you can make your project a success. To help you fine-tune your home buying skills, here are five common mistakes to avoid when purchasing a foreclosed property.

5 Mistakes to Avoid When Buying a Foreclosed Home

1. Doing It All Yourself

Buying a foreclosure can be an adventurous business opportunity, but it’s not necessarily one you want to navigate on your own. For starters, having a real estate agent that specializes in foreclosed properties will help you avoid unusual challenges of negotiating a deal for a bank-owned home. You’ll also want to hire the best locksmiths, plumbers, electricians, and other contractors to ensure that all work completed on the home is high-quality and up-to-code.

2. Spending Your Budget Up Front

While it’s true that foreclosed properties are typically listed much lower than market value, it doesn’t mean that you should spend all your budget on the initial investment. To ensure you have enough money for repairs and other necessities, reserve at least 10% of your total budget for additional expenses.

3. Not Rekeying

In many cases, people may still have keys to the property you bought—including previous homeowners. For your security and protection, it’s important to hire the best locksmith in your community to rekey all the doors. This service allows you to keep all existing locks on the property but changes their configuration so that you’ll need a new key to access the home.

4. Ignoring the Inspection

It’s easy to minimize the results of a home inspection if your goal is to flip a foreclosure for profit. But, if you don’t pay close attention to the findings, you may end up with expensive damage on your hands that must be addressed before a sale can be made.

5. Rushing the Research

When the clock is ticking, you may be eager to quickly close on a good foreclosure deal. However, failing to conduct in-depth research about the property’s specific finances can you leave you with unexpected costs—such as liens and unpaid taxes.

 

If you’re a new homeowner in the Piedmont-Triad area, Ability Lock & Key has all the resources to secure your property. Whether you need to rekey a foreclosed home or install deadbolts on a newly constructed property, this mobile locksmith will come to you to deliver quick, affordable, and dependable service. For more details on what this best locksmith of Winston-Salem can achieve, visit their website. To request assistance, call a friendly specialist at (336) 784-0226.